Trading
EBS and Reuters pool resources for BoE
LONDON – Rival brokers EBS and Reuters are pooling resources to launch a new benchmark page for spot FX price fixings, to replace data currently provided by the Bank of England (BoE).
Icap pushes into options
LONDON – Icap plans to launch non-deliverable forwards and develop an electronic FX options trading platform, CEO Michael Spencer told the FX Week annual congress in his keynote address.
Asia to support global growth
LONDON – Asia holds the key to global growth amid a US slowdown, Marios Maratheftis, FX strategist at Standard Chartered in London told delegates at last week's FX Week Europe Congress.
Citigroup plays catch-up
Citigroup's recent investment in forex technology appears to be paying off, as demonstrated by the bank's resurgence this year
NFA expels Spencer Financial
NEW YORK – The National Futures Association (NFA) has expelled forex dealer member Spencer Financial from NFA membership following its failure to implement an adequate anti-money laundering regime.
Acknowledge the role of central banks
Forecasters need to acknowledge the role currently being played by central banks in maintaining range trading, said Forex Capital Markets' (FXCM) chief strategist, Kathy Lien.
Sovereign Bank live on Sierra platform
PHILADELPHIA – Sovereign Bank is using an FNX Solutions web-based Sierra platform for the its FX operations, the treasury and capital markets technology provider announced last week.
FXPB: a growing divide
LONDON – Foreign exchange prime brokers (FXPB) have started to split into full-service providers and those targeting niche markets, according to panelists at the FX Week Europe Congress last week.
EBS/FXMarketSpace rivalry heats up
LONDON – The standoff between newcomer FXMarketSpace and incumbent platform EBS revved up last week, with EBS claiming the former will favour Chicago-based users.
Malaysia sets up payment-versus-payment system
HONG KONG & KUALA LUMPUR – The Hong Kong Monetary Authority and Malaysia's central bank (Bank Negara Malaysia) launched a cross-border payment-versus-payment (PvP) settlement system last week.
City bonuses rise by a quarter
LONDON – Just under half of city workers expect a 25% rise in bonuses this year, according to survey results released last week.
Low volatility has affected the market, says Calyon's Lefort
LONDON – The major market event in 2006 has been low volatility, and new products have had to be developed to deal with it, said Christine Lefort, Calyon's global head of FX structuring.
Lacklustre bonus season is forecast on low volatility
LONDON – Headhunters say FX professionals are concerned that low market volatility will mean lower bonuses, despite predictions that overall bank remuneration will be up.
China's forex reserves exceed $1 trillion
BEIJING – China's foreign exchange reserves have exceeded the $1 trillion mark, said state officials last week.
GFT predicts increased volatility
Global Forex Trading (GFT) predicts that market volatility will increase in 2007, but said increased activity is needed to break current range-trading.
UBS triumphs as Citi bounces back
LONDON – UBS retained its top spot in this year's FX Week Best Banks Awards, as Citigroup bounced back to take second spot.
Dresdner joins EBS as prime bank amid rising volumes
LONDON – Dresdner Kleinwort has joined EBS as a prime bank, with the spot broker saying sharp increases in prime volumes demonstrate its ability to withstand challenges from new entrants.
Taking advantage of variance swaps
Loïc Henry, head of structuring at Calyon in Paris, suggests using variance swaps to trade non-directional strategies in an environment of low volatility
Icap sets up Russian service
LONDON & MOSCOW – Icap last month established a rouble rates desk, as the money broker looks to build its capabilities in the rapidly expanding market.
Thailand acts to curb baht speculation
BANGKOK – The Bank of Thailand (BoT) introduced new capital controls last week aimed at clamping down on speculative baht trading.
UBS triumphs as Citi bounces back
LONDON – UBS retained its top spot in this year's FX Week Best Banks Awards, as Citigroup bounced back to take second spot.
Flextrade beta-tests MilanFX system
NEW YORK – Trading technology vendor Flextrade has started beta-testing its block FX trading platform MilanFX, it told FX Week . The vendor becomes the first to roll out a block trading venue for foreign exchange and employ a dark pool of liquidity.
Top Australian banks report bumper FX profits
SYDNEY & MELBOURNE – National Australia Bank (NAB), ANZ and Westpac reported decreased overall profits in the six months ending September 30, reflecting the slower trading climate over the past few months.
Currenex develops Fix spin-off
LONDON – Currenex is launching an open standard Fix-based straight-through processing (STP) protocol for FX, money markets and precious metals this week.